The Royal Commission into financial services – the inquiry that was resisted but is now acknowledged as ‘long overdue’ – has been exposing issue after issue in the most important sector of our economy.

By my simple reckoning, its cost won’t be the estimated $80 million often quoted but more likely will top $500 million after submission preparation, legal advice, management time and organisational drain are factored in for all the various companies, organisations and individuals that have been swept up into its net.

Other than shining a light on major issues ranging from poor practice to corruption, conflict of interest and arguably illegality, what will it achieve in terms of positive reform?

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